The Necessity of a Real Estate Lawyer in a Real Estate Deal
You should undoubtedly seek the services of a real estate lawyer in Alberta if you want to purchase, sell, build, or refinance a house. Your best interests will be secured, and you will be kept fully informed of any relevant developments.
Make sure your chosen real estate attorney is accessible, willing to explain the process in detail, and can fulfill your legal responsibilities.
How Can a Real Estate Lawyer Look Out for Your Best Interest?
If you're buying, selling, building, or refinancing property in Alberta, you should get legal advice from a professional. A real estate attorney will verify the documentation to ensure it is error-free and that the sale is carried out appropriately.
Title searches: Your attorney will look into the land's title to ensure no hidden liens exist on the property. Mortgages, writs, liens, and caveats are all examples of encumbrances that affect the property's present owner.
Purchase/Sale Contract: Legal counsel for the buyer and seller in a real estate transaction can help guarantee that the terms of the purchase and sale agreement are upheld.
Certificate of Compliance and Real Property Report: Your lawyer will look through them to ensure that the land's buildings are legal and located within the allotted area.
Property tax searches: Your lawyer will request a tax certificate to ensure the closing costs are calculated correctly and that the property taxes are paid up to date.
There is a mountain of paperwork involved in each real estate transaction you're a part of. For this reason, hiring an experienced attorney to manage the acquisition or refinancing of a home is essential.
For example, most lenders require legal counsel for all loan transactions, including purchases, refinances, and new construction. Ideally, The purchaser's attorney should hire a mortgage discharge attorney if there is a mortgage on the title.
How Much Do Closing Costs at a Law Firm Typically Cost?
Flat fees "plus costs and GST" are standard practice in legal service quotes. Disbursements are any out-of-pocket expenses incurred by the firm and paid to third parties on your behalf. Rewards are tied to the significance of your role and the transaction's difficulty level. Some of the costs that always seem to pop up are as follows:
Costs associated with acquiring fresh title insurance or Real Property Report & Certificates of Compliance;
Obtaining an Estoppel Certificate and other necessary condominium paperwork before selling;
Transaction costs associated with changing title ownership;
Costs related to recording a mortgage on a property's title;
Discharging a current mortgage;
Search and examination of titles;
Documents proving tax liability;
Courier/runner fees;
Costs incurred in initiating, terminating, and maintaining a file
In the Absence of Legal Representation, What Are My Options?
In a real estate transaction, money is traded for the deed and keys to a property. You may best understand the value of a lawyer by contemplating the alternative to a typical business transaction, including legal representation.
From the purchaser's perspective, they would not want to pay the seller until a Transfer of Land is performed, and the seller guarantees the title is clear and unencumbered with any liens. Since the seller has not yet received payment, the seller would not feel at ease executing the land transfer.
Financial institutions, such as banks, rely on real estate lawyers to guarantee that their names appear on property titles. Real estate attorneys are relied upon by lending institutions to ensure that all mortgages are paid in full, and the lending institution's interest is released from the title of the property being sold.
Conclusion
A real estate lawyer can secure your interests and help you avoid potential legal problems during a real estate transaction. Real estate lawyers can review and negotiate contracts, help you with due diligence, and represent you at closings. While you are not required to have a lawyer when buying or selling real estate, consulting with one is always a good idea.
If you need reliable real estate lawyers in Medicine Hat, Hamilton Cahoon can help you. We are an association of independent practices that specialize in matrimonial/family, personal injury, estate planning, civil litigation, corporate, and real estate law. We strive for honesty, integrity, and competence in all we do. Feel free to contact us right away!